Cash received by partner in firm
This query is : Resolved
19 August 2011
Dear Expert,
Partnership firm received cash of rs 10 lacs from its partners.
cash is used to firms expenditure.
Will it attract any disallowance?
Partnership firm received cash of rs 10 lacs from its partners.
cash is used to firms expenditure.
Will it attract any disallowance?
CA Ashwani Agarwal
(Expert)
19 August 2011
If any expenditure is paid in cash over Rs 20000 in a day then the same is disallowed.
If you dont have proper vouchers of any expenditure the same will be disallowed.
Also if the partners will not be able to explain the source of the investment of Rs 10 lakhs the same will also be added in their total income.
If you dont have proper vouchers of any expenditure the same will be disallowed.
Also if the partners will not be able to explain the source of the investment of Rs 10 lakhs the same will also be added in their total income.
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